Good morning, and welcome to the conference call in connection with the year-end report 2020. My name is Anna, and I will be your coordinator for today's conference. During this call, you will be listening only. However, in the end of the presentation, you'll have opportunity to ask questions. If you need help, please press star zero and an operator would help you. I want to hand you over to CEO Erik Selin, your host for this call. Thank you. Hi. Good morning, everybody. Erik Selin here from Balder. I also have Marcus with me to give some comments about our Q4 figures that we released just now. If we start with the actions regarding COVID-19, we have not had any problems with collecting the rents, and that is the same situation as quarter before and so on. So the rent collection is very stable. Actually, it is like same, it works the same way as last year. We are, of course, in need of helping some especially troublesome tenants that could be particular small shops and restaurants and so on. We look at that case by case. As you all know, we have some hotel turnover rent that obviously will not be paid now. Otherwise, all in all, it's a quite stable situation regarding the pandemic. Otherwise, in Q4, we made a share issue of B shares, 6.5 million. We took possession of 50% of Anthon B Nilsen in Norway. We communicated that a while ago, but now it was the deal closed. And also, 50% of Karlatornet, the project in Gothenburg and some shares in Entra. We also signed to acquire a company in Sweden called Masmästaren that has real estate of roughly SEK 5 billion. That is, 50% commercial and 50% residential properties, and that fits us very well. We completed apartments in Denmark and Finland for rental, and we also completed some development projects in Gothenburg and Denmark. There was profit on those projects in Q4 of SEK 109 million. We have the system that when a project is completed and we sort of hand over the keys to the buyers, then we book the profit. Before that, we have it only at cost in our books. That could be huge differences between different companies, how they book their results of the projects and developments. If you look at some figures at page 3, in Q4, property management was up 3%, and for the whole year, 5% per share. That is, of course, a bit low as we see it, but that is affected from turnover rents and so on. The underlying trend is obviously stronger. 5% is—we think it's a bit too little. NAV, 13% better than last year. Like for like rental growth, 1%. If you look at earnings capacity year-on-year, this year and compared to last year, then we are 12% better per share. On next slide number 4, you can see here the development from property management per share and the NAV. So it's continuing to trend upwards. On next slide 5, there we have again the earnings capacity. You can see rental income, property cost, management, administration, financials, everything. Then at the bottom of the page, what is really important is obviously profit from property management per share. Now we are at SEK 25 compared to one year ago at SEK 22.39. That figure is counted on the current situation. Obviously, when COVID will be okay again, we will have on top of this turnover rents coming back as one. This is calculated at the present situation that no turnover rents. It's important to know that. Next slide number 6, we have the income statement. Not that exciting. I think it's pretty stable. Have one item there which perhaps you could wonder how we booked it, and that was unrealized change in value of long-term financial assets, SEK 462 million. That is related to the Entra shares. That is now in the books. Otherwise nothing special in this. We have the property management, SEK 1.1 billion, some value changes. At the bottom, we have profits per share after tax, Swedish krona. The balance sheet at page 7, compared to last year, they are also not that dramatic. We have a bit higher value on investment properties. It's more development properties. Associated company, there's a big increase that is entire share in that figure included. We have SEK 9 billion-SEK 10 billion in more equity, some more debt. Year-over-year, it's improvement on all the lines and a bit bigger. For being up is very stable, 2019 compared to 2020. Property portfolio on page 8, often looks quite the same. This quarter is no exception. You have the biggest part in here. I think it's Stockholm, Gothenburg, Copenhagen. Residential is the biggest category. Office, retail, and other. Of the other 14% we have, 8% is hotel. Other things could be schools, elderly care, different kind of mixed properties. In the retail segment, the part that is sort of struggling right now is city retail, and that is maybe 1% or perhaps 2%, I think 1.5% for us. This has not a big impact on the overall portfolio as you saw during the year. Then we have made some updates. If you look at page 9 and in the report also, it's in more detail of our ongoing projects. More or less only residential projects. If you look there later on when you have the time, you can see projects that are ongoing, projects that will be able to start in the next 12 months, and then also looking beyond that, how is the pipeline after one year from now. It's also divided between projects that we keep and projects that is for sale. As you can see, we have a very good pipeline, and we'll be able to start a lot more residential projects from Q1 2021 until Q1 2022. It's more or less only residentials. The majority is for keeping and renting it out. In Sweden, we also sell owners' apartment or condominiums. It's worth to give more detail about this because our business is performing very well, very stable, and we see over a long time a big opportunity for us there. We actually think it's perhaps the best segment for us to invest in our own residential development. That will be a bigger part going forward. Looking at finances, page 10. The ratios and figures are roughly what they've been last year. A bit lower net debt to assets. We put in some equity in Q4, so obviously strengthen the balance sheet a bit. You can also see we have very much liquidity, SEK 20 billion at year-end. Page 11 shows the net debt to assets over time and also secure debt out of assets and out of debt over time. Those are important for the rating agencies, so that's why it's worth to have them. Stable, as you can see, not much happened from quarter to quarter in our business. Page 12 is also, you see the share and the share price compared to profit from property management and compared to NAV. Over time, this will correlate pretty good. That was a brief summary of Q4. Now we can see if we have anything on Q&A. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. The first question comes from Tobias Kaj from ABG Sundal Collier. Please go ahead, your line is now open. Yes. Thank you. Good morning. I would like to start to ask regarding the development of the earnings capacity. NOI improved by some SEK 115 million in the quarter, but I would have assumed that it should have grown around SEK 100 million more just due to the fact of the acquisition of Masmästaren. Is the split or the deviation there, is it related to currency headwinds, or it's something else? Exactly. No, you're right. Exactly. I think the currency is about SEK 150 million. The euro is lowered. The Swedish krona is much stronger than in the last quarter. That has an effect of SEK 150 million just on the income. Oh, okay. The improvement of income from JV in the earnings capacity, what's that related to more than the Norwegian acquisition? No, it's related to the Norwegian acquisition. You see, if you thought about it's not Anthon B. It's more of Entra's book that's associated company. It's 25% of Entra being included in the earnings capacity. Oh, okay. Does that mean that the remaining part has been declining? No, it's stable. You gave some figures about expected production starts for apartments. Can you say how long is the average production time? 24 months on average, I would say. That's the normal. Final question regarding SATO. Have you been able to increase your owner share during 2020 or has it been unchanged? I think it's 1% more than last year. What would you say is the main similarities and the main differences in your investments in SATO compared to your investments in Entra? Yeah. Obviously, Entra is a listed company, so that is a big difference. SATO, we wouldn't mind buying the whole company. Entra, we prefer to stay on as a listed independent company, but we can be the largest shareholder, but we would prefer it to continue the way it is. Would you prefer to reach about 50% also for Entra and consolidate it in your balance sheet and P&L? No, we think we wouldn't. We think it's quite okay the way we are around these levels, actually. I mean, we don't know what will happen among other owners of the company and so on. If we could decide ourselves, we can think it's g ood if it stays the way it is. Okay. Thank you. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from Erik Johansson from Carnegie. Please go ahead. Your line is now open. Thank you. I have a few questions as well. I think you invested about SEK 4 billion in your portfolio for 2020, and it seems that you're ramping up residential production in terms of sort of projects in general. What do you look for in terms of project investments for 2021? Is 2020 a good level, or would you like that to be a higher figure when we leave 2021? I think we have in the report you can see what we expect the volume that we have expected to start at year-end. Obviously, I mean, we're hopefully going to find some more land that we can start construction on during the year. At this point, I mean, the volume is included in the report what we expect to start. Compared to last year, it's very likely that we'll be higher or even much higher actually. Yeah. I mean, if you look at both the rentals and the co-ops, the total investment for expected starts within 2021 is almost SEK 11 billion in total investment, and within 24 months is about half, a good proxy for that, or? Roughly. I mean, normally you have more investment later on in the project than in the beginning. It's of course very complicated to know exactly because we are also depending on construction companies, municipalities and so on. The long-term trend you can find out there. On a 12-month basis, we can't exactly decide ourselves. If you calculate it roughly, it would be somewhere around there. You are in the right area, you can say. Okay. Thank you. Then also perhaps a bit of a follow-up on how you report Entra. You stated that 25% of Entra is included in the earnings capacity. In terms of the value changes in the P&L for Q4, is that all? Do you also calculate 25%, or was that the 18% or the 17.7%? No, that was what we actually had, 17.7%. Okay. SEK 400-something million that you can see specified on that other income. Yeah. Okay. Do you think that, I mean, it used to be that the JVs were quite a small part overall. With the current state of the fact that you own 25% of Entra, it's becoming a larger part of the P&L. Now, do you think that you will try to report the actual part of Entra a little bit further? Will you continue to do it this way, to have it within other income? It will be if it continues to be associate, then it will be booked as an associate or it will be included in the associated companies. So it's all- Yeah. Going forward, it's going to be recognized in the P&L as an associated company together with that group, of course. Okay. I assume that it will be a fairly large part of that associated, given the fact that it's a quite large company. Yes. It is. Okay. Thank you. My final question is regarding sort of the outlook for Entra. As the largest shareholder now, do you think that there are other things that Entra should be doing going forward? Do you have any plans to sort of change the strategy of the company? Or is the plan to remain more of a passive partner to the rest of the ownership base? We think Entra is a great company, so, I don't see any dramatic changes. That will be something to discuss between us and the management in Entra. If there are things that we could add on, because it's been staked on before, and, maybe there can be some possibilities, you know, when they have a private owner. We haven't had any discussions about that yet. Of course t here could be a potential. Okay. Thank you. Those were my questions. Thank you very much. Thank you. The next question comes from Markus Henriksson from Pareto Securities. Please go ahead. Your line is now open. Good morning, guys. I just have one question regarding the project pipeline, and thanks for the new tables. Just looking at the construction starts from 2022 and beyond, it's almost 16,000 apartments. How do you think we should view that on a timeframe? It's very, w hat can I say? Something could start 2022, but the latest could be, I mean, five, 10 years from now. This is more of an overview that. I mean, we can see what will happen the next year. This is important for you to know that this will be an ongoing business for a very, very long time. You can see it as a running business or a segment for us. That's why we also put in what we have coming after the next year. Then we will have more on top of this, of course. But it's very hard to guide exactly, you know, because we are depending on other parties, municipalities most, but also other authorities. This is more for you to be able to see. Okay, this segment will over time contribute and be roughly in this size. We will try to develop this information also as we go along. Plus, it's Of course. I understand. Starting to be a good part of our company. Yeah. A follow-up there, looking at you still gave some guidance historically on Finland and Copenhagen as well as Sweden. Do you, i f we look in a 10-year perspective, do we have any drops regarding like big zoning plans where it might be a lower volume or higher volume in a 10-year perspective, for example? Lower, we don't see. Perhaps we can achieve more, but we don't like to overpromise. Okay. Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star one on your telephone keypad. The next question comes from Viktor Friberg from Fastighetsvärlden. Please go ahead. Your line is now open. Thank you. I think I more or less got the answer, but can you clarify one more time for me regarding the percentage of your ownership in Entra? It was 18% as of the year-end, and now it's 25%. Exactly. Okay. That was my question. Thank you. Okay. Thanks. Again, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. We do have a follow-up question from Tobias Kaj from ABG Sundal Collier. Please go ahead. Your line is now open. Yes. Thanks again. I would like to come back to your view on Entra and in general, the Norwegian market. What kind of different outlook do you see for offices in Norway or maybe Oslo specific compared to the outlook for offices in Stockholm? Do you think that one of those markets will perform different or do you see a similar development? We think that both markets will be good over the coming years, and it's not easy to guess who will be the strongest of the two. We think actually both look very strong, very promising. You said in the past that you are interested in making direct investments in Norway. Is that less likely now when you have a big position in Entra, or are you still looking for direct investments as well? No, we look at direct investments also. It has been quite hard for us to find actually. We think it's interesting to buy a part of a fantastic company. Okay. Excellent. Thank you. Thanks. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. At the moment, there is nobody in the queue, so if you would like to ask a question, please press star one. There is no further questions coming through, so I'll hand the call back to you again. Thank you. Thank you. Thank you. Thank you for joining this meeting. To end this call, you may now replace your handset. Thank you.